Posted by Quinton (IN) on January 09, 2001 at 09:08:00:
John,
The problem is your talking to banks!! Talk to Mortgage Brokers and find some fast in the Yellow pages.
Please put up all the numbers if you want someone to be able to come with all the ways you can finish this deal.
How much are the properties? What is a REALISTIC appraisal of them ? What is the LOWEST the seller will go?
Now, If you are planning to rent one property, you should be able to get a 10% down rental deal from MANY Mortgage brokers… that said some other investors will then give you a 2cd for the 10% that you just paid plus your closings… for a NO MONEY DOWN DEAL!!
The trick is trying to find them in your area… get in touch with the local RE group(thats how I found out about the NO MONEY DOWN deal , AFTER I had purchased with my own $
I have two houses side by side that I am trying to purchase. The one I will live in and the other is rented for $500.00/ month. I want to get into the property for very little out of pocket. I think I am going to have near $20,000 in equity at closing because the appraisal should come back higher than purchase price. How can I get the banks to use this equity as a down payment? Is there any better way to pull this deal off?
The one loan officer said I have to put 5% down on the owner occupied and 20% down on the rental, is there any creative way to put the 5% down without writing the bank a check. One other thing is that I want to get out from paying PMI so I want to take the equity to pay both mortgages down to 80% loan.
Thanks in advanced and Respond ASAP if possible.
